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Shares of Punjab National Bank (PNB) extended gains for the fourth straight session to hit their 52-week high today, on the back of strong Q3FY24 results and a fundraising plan. Despite this, Elara retained its ‘sell’ call on the lender.
PNB Q2 Results: Net interest income (NII) during the second quarter rose 20% year-on-year to Rs 9,923 crore. It was Rs 8,271 crore in the year-ago period. Operating profit (before provisions and contingencies) jumped 12% to Rs 6,216 crore in the reporting period as against Rs 5,567 crore in the last year period.
Shares of Punjab National Bank (PNB) on Tuesday fell over 6 per cent after the firm reported a 63 per cent decline in standalone net profit for the September quarter.
CARE Ratings has factored in majority ownership, support from the government, position in the banking sector as the second-largest PSB.